ARHT Media Inc ARHTQ

RE: Our 60 cent pivot point area

[fruiscante1]

In my mind this is the bigger thing that is affecting this company right now. 3.5 miliion warrants at .60 expiring friday. Anybody know who has these? Then we could see if theyre selling this week. They may as well sellinto any bids above .60, as they get nothing for them after friday. Also, a bunch of them at .27 expiring at .27 on june 26. How many of these 2 piles of warrants are still hanging over us? Anybody have any luck talking to the company? I haven't. May try again tomorrow? thoughts?

PS I am very much enjoying having Maysteeler and Onevulchure battling it out on this board this week. Two of stockhouse's alltime great personalities.


(i) On June 26, 2007 the Company completed a private placement financing through a non-brokered financing for 17,277,000

units at $0.25 per unit for total gross proceeds of $4,319,250. Each unit consists of one common share and one common

share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at an exercise

price of $0.27 until June 22, 2009. The fair value of the warrants was estimated using the Black-Scholes option model with

the following assumptions: expected dividend yield of 0%; expected volatility of 84%; risk-free interest rate of 4.15%; and

an expected life of two years.

(ii) On June 12, 2008 the Company completed a private placement financing through the issuance of 58,335,000 units at

$0.60 for total gross proceeds of $35,001,000. Each unit consists of one common share and one-half of a common share

purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company at an exercise

price of $0.90 until June 12, 2010. In addition there were 3,500,100 warrants issued to the underwriters that entitle the

holder to purchase 3,500,100 common shares of the Company at $0.60 until June 12, 2009. The fair value of the warrants

was estimated using the Black-Scholes option model with the following assumptions: expected dividend yield of 0%;

expected volatility 99%; risk-free interest rate of 4.15%; and an expected life of between one and two years.

(c) Warrants

A summary of the outstanding warrants as at January 31, 2009 is as follows:

Number of warrants Amount

Balance February 1, 2007 4,016,334 $ 556,385

Granted, private placements 17,277,000 1,404,000

Expired (3,449,667) (477,810)

Exercised (606,667) (81,815)

Balance January 31, 2008 17,237,000 $ 1,400,760

Granted, private placement (Note 6(b)(ii)) 29,167,500 6,112,500

Exercised (2,700,000) (219,415)

Balance January 31, 2009 43,704,500 $ 7,293,845

VAST EXPLORATION INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended January 31, 2009 and 2008

Page 14 of 20

Amount

Balance January 31, 2008 - $ -

Granted, private placement (Note 6(b)(ii)) 3,500,100 677,100

Balance January 31, 2009 3,500,100 $ 677,100

Number of broker warrants

Expiry date Warrants Outstanding Fair value of warrants

June 22, 2009 14,537,000 $ 1,181,345

June 12, 2010 29,167,500 6,112,500

June 12, 2009 3,500,100 677,100

0.68 47,204,600 $ 7,970,945